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Jacko's Forex House of Pleasure and Pain

  • #1,941
  • Mar 19, 2008 3:56pm Mar 19, 2008 3:56pm
Corrected char... I had the hide weekend on so it did not show in the previous chart...

http://img358.imageshack.us/img358/3...apture4bk2.png
Same Whore .... Different Dress
  • #1,942
  • Mar 19, 2008 4:17pm Mar 19, 2008 4:17pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting goodness
How does one know the 2 points to pick to determine d 50% retracemt
thx
practice, but basically, open 2 charts a 4h and a Daily, then look at the waves

here's a daily chart (an older one) but also note that we have moved back into the previous rising channel.

Attached Image (click to enlarge)
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  • #1,943
  • Edited 5:05pm Mar 19, 2008 5:03pm | Edited 5:05pm
Interesting thing. The price goes sideways to down in a trend channel but there is a rising 4H trend line. It will be interesting what happens there. It seems that price bounced from this trend line (coincidently it is 50% ret of the last leg up) but I'm curious if it will go beyond this trend line channel. My 2 cents are that if price goes under 14th March low @ 1.5530 before taking the 17th March high @ 1.5904 it would be an indication that this is a daily retracement and we cood posibly see something like 1.5150 in the near future (50% retracement of the daily range) - but it will take time. I could be wrong though...

Ocean

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Click to Enlarge Name: 4Htrendline.gif Size: 92 KB
  • #1,944
  • Mar 19, 2008 5:21pm Mar 19, 2008 5:21pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting Ocean
Interesting thing. The price goes sideways to down in a trend channel but there is a rising 4H trend line. It will be interesting what happens there. It seems that price bounced from this trend line (coincidently it is 50% ret of the last leg up) but I'm curious if it will go beyond this trend line channel. My 2 cents are that if price goes under 14th March low @ 1.5530 before taking the 17th March high @ 1.5904 it would be an indication that this is a daily retracement and we cood posibly see something like 1.5150 in the near future (50% retracement of the daily range) - but it will take time. I could be wrong though...

Ocean

Attachment
these are difficult times to trade, although the fundimentals remain the same, USD is failing bigtime, the banks etc keep interfering, which is creating mad swings, personnally i would prefer to see either a continuation up into the older channel or a drop to 1.5150 to the lower channel, but either way i would like to see the market settle into one of these channels so i can set and forget. Lazy i know, but my kids need my time and my wife wants to go shopping, so needs must.
  • #1,945
  • Mar 19, 2008 5:26pm Mar 19, 2008 5:26pm
Looks like it's trying to climb back into th channel around 5640, I was in at 5613 and in profit so far. If 50% and channel give way, looks like next stop 5400 area. If I get taken out on this one I will use AH, and I KNOW I could be wrooooong! Love this method, and you know,there are some really generous and brilliant people on this thread and this forum, wish I knew someone near me to talk trading.TKS
  • #1,946
  • Mar 19, 2008 5:30pm Mar 19, 2008 5:30pm
Quoting MPP
...
Lazy i know, but my kids need my time and my wife wants to go shopping, so needs must.
This is why I use this trading method. My wife was not pleased that I was chained to the computer. Now it is totally different. Our family life started to have the second youth

Thank you Jacko for that

Ocean
  • #1,947
  • Mar 19, 2008 6:03pm Mar 19, 2008 6:03pm
Do you trail manually or auto trail? I realize this market has become more volatile recently, but I find I,m getting stopped out regularly although with profit. Mpp, you said set and forget , I can't set and and forget for manually monitoring my stops. Any suggestions?
  • #1,948
  • Mar 19, 2008 6:12pm Mar 19, 2008 6:12pm
Hello EveryOne,

I hope everyone made some pips today. I was stopped out of my early am trade, but with some nice gains. In @ 5615 out @ 5735 on 4 lots. That is the beauty of using stops & locking in those gains. That was as many pips as the total for last week if my numbers are correct.

It seems the 5600 level is holding for support now, but will it hold is the question. If PRICE makes another attempt @ going blow 5600 & it hold I'll
place more long positions, but JACKO is correct we can't wait too long as entry timing is everthing. For me, 5600 is a KEY SUPPORT, BUT I'D LIKE TO SEE IT HOLD ONE MORE TIME. JUST MY VIEWS, BUT I COULD BE WRONG.

Strautsbros.....I'm sure TED IS A GOOD TRADER as I have studied some of his methods & they have value, but just TOO MANY INDICATORS, TIME FRAMES & RULES INVOLVED FOR ME. LETS KEEP THIS THREAD FOCUSED ON THE JACKO METHOD AS TED ALREADY HAS HIS THREAD & A NICE FOLLOWING.

Fxtrader.......I have traded the forex for 10 yrs & 10 yrs prior in the stock market. Fulltime trading now in forex only. This is a great method that is chart clean with few rules to follow. The best I have found in all my years. This method would work well for someone that is still working a day job or running a business. Trend trading @ it best.

Thanks again to all that post.

AceTrader
  • #1,949
  • Mar 19, 2008 6:33pm Mar 19, 2008 6:33pm
Quoting lastchance
Do you trail manually or auto trail? I realize this market has become more volatile recently, but I find I,m getting stopped out regularly although with profit. Mpp, you said set and forget , I can't set and and forget for manually monitoring my stops. Any suggestions?
I set and forget. I place 2 orders - parent and child order. Child order is a trailing stop order. So as soon as my parent order is triggered my position is protected by trailing stop order. Maybe you should try different broker?

Ocean
  • #1,950
  • Mar 19, 2008 6:34pm Mar 19, 2008 6:34pm
Quoting Ocean
This is why I use this trading method. My wife was not pleased that I was chained to the computer. Now it is totally different. Our family life started to have the second youth

Thank you Jacko for that

Ocean
cant wait to understand this method
  • #1,951
  • Mar 19, 2008 6:58pm Mar 19, 2008 6:58pm
Ocean, can you PM me with your broker name?TKS
  • #1,952
  • Mar 19, 2008 8:05pm Mar 19, 2008 8:05pm
Ocean

Post 1949... that is hold I handle stops & trails as well. I now appears 5600 giving in. I'm stayings on the sideline until things settle down abit.

AceTrader
  • #1,953
  • Mar 19, 2008 8:13pm Mar 19, 2008 8:13pm
Ocean

That is how I handle stops is how that last post should read. Sorry, doing too many task @ once.

Ace
  • #1,954
  • Mar 19, 2008 11:01pm Mar 19, 2008 11:01pm
Hello Folks,

I just started trading Jacko's system recently. I have a full time job so I need to use Jacko's strategy - besides all the other obvious reasons for doing so - I just cant be at the computer to monitor my trades.
My most recent trade was entry at 1.5625 after the FOCM fall. I opened above the 1.5600 when it became apparent it would not hit that price. I set a limit at 1.5745 (an old tech target I use) even though I had a trailing stop - the fall after the FOCM announcement made me leary.
As for the fall today one just needs to look at the Gold chart. EU tends to follow the gold movement.
Thanks to everyone that posts their trades, Q&A's and other helpful info. Please keep it coming. Plus it sure is nice having the company while trading.
  • #1,955
  • Mar 20, 2008 2:17am Mar 20, 2008 2:17am
Quoting Ocean
Interesting thing. The price goes sideways to down in a trend channel but there is a rising 4H trend line. It will be interesting what happens there. It seems that price bounced from this trend line (coincidently it is 50% ret of the last leg up) but I'm curious if it will go beyond this trend line channel. My 2 cents are that if price goes under 14th March low @ 1.5530 before taking the 17th March high @ 1.5904 it would be an indication that this is a daily retracement and we cood posibly see something like 1.5150 in the near future (50% retracement of the daily range) - but it will take time. I could be wrong though...

Ocean

Attachment
I was counting on H4 trend to hold. Yesturday was planting trades all day sitting at the computer believing it will jump up from H4 , lost some minor pips. Now clearly H4 was broken so I think it will head down. Thought I don't think it will retrace allaway to 1.5150. I think around 1.5400 is crucial. If that will hold fine. We will continue up trend. If that brakes, we can see a overall trend reversal resulting in lover prices than 1.5100 .
Just my prediction, no one take it for granted. I'm proly wrong anyway

Staying out of EUR/USD for a while to see what's its further action. Trading EUR/GBP for today. Can't seem to get any trade running lately = alot of computer time
  • #1,956
  • Mar 20, 2008 3:44am Mar 20, 2008 3:44am
The market looks week. I think a daily time frame retracement could be developing. Anyway I will stand aside for now until after Eastern. Going with my family to the Baltic Sea.

I wish you all happy Eastern!

Ocean
  • #1,957
  • Mar 20, 2008 4:04am Mar 20, 2008 4:04am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting lastchance
Do you trail manually or auto trail? I realize this market has become more volatile recently, but I find I,m getting stopped out regularly although with profit. Mpp, you said set and forget , I can't set and and forget for manually monitoring my stops. Any suggestions?

this depends on my available time, i'm fortunate to use a good broker (FXCM - my opinion) and i find there trailing stops to work effciently, although they only move price every 10pips and not every pip. But this allows me to manually adjust the stop when i'm around or simply set the trail and leave it to it trail itself and head on out for the day.
  • #1,958
  • Mar 20, 2008 4:15am Mar 20, 2008 4:15am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting kaunasny
I was counting on H4 trend to hold. Yesturday was planting trades all day sitting at the computer believing it will jump up from H4 , lost some minor pips. Now clearly H4 was broken so I think it will head down. Thought I don't think it will retrace allaway to 1.5150. I think around 1.5400 is crucial. If that will hold fine. We will continue up trend. If that brakes, we can see a overall trend reversal resulting in lover prices than 1.5100 .
Just my prediction, no one take it for granted. I'm proly wrong anyway

Staying out of EUR/USD for a while to see what's its further action. Trading EUR/GBP for today. Can't seem to get any trade running lately = alot of computer time
Hi
just wanted to pass comment on Trend reversal, no access to my charts today so my numbers might be off a little, but take a look at the monthly charts, we are due a retracement/correction down to the 1.400 area but the fundimentals will not support this for years to come (my view), in order for this to be a reversal we would need to see a break of the monthly trend line some 2000pips - so beware if shorting this market.

have the patience to wait for a better price it's out there waiting for us.

currently the markets are reacting to everything and anything just look at HBOS yesterday - now being investigated for fraudulent claims for trying to make gains from the wipsaw movment in price. it's a tough time to trade but we will come through in the end MM+patience+strick following of the RULES.
  • #1,959
  • Edited 5:19am Mar 20, 2008 5:02am | Edited 5:19am
Yes, my mistake. Monthly chart trend is way too far off to change anytime soon so you are right. I was looking more into daily chart when i was speaking those numbers. It's just that we trade with the trend and the change of trend in daily charts I think would take us out of this pair for a while. It's going to be a while if so before monthly long term trend changes.

EUR/USD i don't think anybodys is messing with USD . The Euro is just droping. I also trade EUR/GPB , and same market reaction there. Meaning USD did not get particularly stronger.. EUR got weeker for some reason. Waiting on Euro comeback
  • #1,960
  • Mar 20, 2008 5:18am Mar 20, 2008 5:18am
Hello EveryOne,

Well what is next? I'm keeping a close eye on the 5400-5450 Zones as a possible support, but lower COULD be seen. Uncertainty is no doubt heavy @ this time & I would not get short this pair just yet.

Yesterday was a very good day for me, but will be on the sideline for now. This is a good time to think of letting the market come back to us as JACKO has stated.

Ocean......post #1956.....very good info to ponder.

MPP.....post #1958.....another good post to ponder.

These & all the others that post is what is making this thread so good. Everyone is posting their views & trying to help each other. Thanks to everyone that is posting & sharing their views, input & comments as they are all adding to the value of this thread.

Happy Easter to everyone that observe the time.

AceTrader
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